Never Mind the Fiscal Cliff, the ‘Reverse Subsidy’ Is the Real Crisis

Contrary to popular myths in both political parties, the dramatic gains in wealth by the super rich are underwritten by everyone else as a result of skewed values embedded in the U.S. tax code. This means that the top 1 percent of America’s wealthiest households—97 percent of whom are white—are subsidized by the rest of the tax base, which is disproportionately black and brown when compared to this elite group at the top.